Iliad Sets the Pace for Sprint on T-Mobile

Shareholders of T-Mobile US just got a welcome long-distance call—albeit with a lot of static on the line.

Upstart French telecom operator Iliad said Thursday that it bid $15 billion, or $33 a share, in cash for 56.6% of the No. 4 U.S. carrier by subscribers. In doing so, Iliad swooped in before Sprint formally placed its long-awaited offer for...